Flywheel Energy Storage Market Size to Hit USD 551.9 Million, At CAGR of 8.3% by 2029 | Fortune Business Insights
Fortune Business Insights
6 min read
Fortune Business Insights
According to Fortune Business Insights, the global flywheel energy storage market size is projected to grow from USD 297.6 Million in 2021 to USD 551.9 Million in 2029, at CAGR of 8.3% during forecast period.
Pune, India, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The global flywheel energy storage market size was valued at USD 297.6 million in 2021 and USD 316.8 million in 2022. The market is expected to reach USD 551.9 million by 2029 with a CAGR of 8.3% during the forecast period. Growing demand for electricity to increase the demand for energy storage installations is expected to propel the market course in a growing direction. Increasing production capacity for environment-friendly storage systems is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Flywheel Energy Storage Market, 2022-2029.”
Key Industry Development:
Sartorius announced that it is using Piller’s UPS systems with flywheel power back-up at its production facility in Göttingen, Niedersachsen, Germany. With the UPS solution, Piller Group has also provided the Sartorius Group with comprehensive 24/7 support from a Piller service team.
Flywheel Energy Storage Market Size, Share & COVID-19 Impact Analysis, By Application (Uninterrupted Power Supply, Distributed Energy Generation, Transport, Data Centers, and Others) And Regional
Growth Drivers
Increasing Capacity for Energy Storage Systems to Drive Market Growth
Variations in the Products by Key Players in to Improve Market Growth
Market Growth Drivers and Restraints:
Increasing Capacity for Energy Storage Systems to Drive Market Growth
Increasing capacity for environment-friendly storage systems is anticipated to boost the flywheel energy storage market growth. There has been high demand for reliable, cost-effective, long-lasting, and environmentally sound systems. With the growing advancements and adoption of this technology in energy storage, various manufacturers have been enhancing their production capacity. Rising transition toward Renewable Energy Generation (REG) and Distributed Generation (DG) is expected to push market development. However, high capital costs and low energy density are expected to hamper the market growth.
COVID-19 Impacts:
Imposition of Lockdown During Pandemic Affected the Energy Storage Industry
The COVID-19 pandemic affected the market negatively as various projects were delayed. Various governments across all the regions have presented stringent action plans to contain the spread of infection. The imposition of lockdown and travel bans caused the delay in several planned projects across the energy storage industry.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Flywheel Energy Storage Market Segmentation:
UPSto Dictate Due to Increasing Cases of Electricity Interruptions and Fluctuations
On the basis of application, the market is segmented into Uninterrupted Power Supply (UPS), distributed energy generation, transport, data centers, and others. Uninterrupted Power Supply (UPS) is predicted to lead due to growing demand for continuous and uninterrupted energy.
Interruptions and fluctuations are also increasing in the energy supply. The distributed energy generation segment is also set to have lucrative opportunities as it is known to offer faster power backup.
Regional Insights:
Asia Pacificto Lead Market Share Owing to the Advantages of the Product
Asia Pacific is expected to lead the flywheel energy storage market share due to its advantages such as high efficiency and long service life. Rising demand for uninterrupted electricity is set propel market growth. Countries such as China, South Korea, Japan, India, and the Philippines have been adopting technology for flywheel energy storage. High demand for continuous electricity and rising investments in storage technology is set to drive the market growth.
North America is set to be the one of the most lucrative markets. The U.S. and Canada have upcoming projects and a few projects are underway for flywheel energy storage technology.
Europe is set to grow as flywheel is a preferred technology owing to its environment-friendly nature and strong power capacity. The transition toward renewable energy for achieving carbon-neutral status has driven the growth for energy storage installation in the region.
Latin America is set to have foreseeable growth due to the transition in energy. Countries have been rapidly transitioning from traditional sources of energy such as hydroelectricity and crude oils to a diverse energy mix, including various cleaner fuels.
Variations in the Products by Key Players in to Improve Market Growth
The global market is consolidated into various small and large players. They have been operating on local, regional, and international footholds and emphasizing enhancing their global position. In June 2021, Energiestro developed a storage technology for residential PV based on a flywheel system based on concrete. The proposed solution consists of a hollow or solid cylinder that is rotated around an axis and connected to an electric motor and generator. This is set to affect the overall cost of the electric motor and generator.
A List of Key Manufacturers Operating in the Global Market:
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